BP’s mutually-agreed decision to end its US East Coast joint venture with Norwegian peer Equinor was motivated by different visions about business models for offshore wind, the UK company's newly confirmed CEO said today (Tuesday).

In his first encounter with analysts since taking over as CEO, Murray Auchincloss faced a question about the decision to end the joint venture in which BP and Equinor had equal stakes in the Empire 1&2 and Beacon 1&2 projects off New York.